New Delhi: From July 1, there will be many changes starting from new TDS rules to revised service charges in State Bank of India and much more. These changes are going to have an impact on our financial lives and it is important to pay attention to them.
Here are the changes that will take effect from July 1
One of the most important changes pertains to income tax rules. The Finance Act 2021 amended the rules related to deduction of tax at source, which will come into effect from July 1. As per the new provision, tax deduction or tax collection will be subject to higher rate in case of non-filing of income tax return. specified persons.
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The new provision has been included in the Union Budget 2021-22 which comes into effect from July 1. As per the new provision, the tax deductor/collector has to check whether the income-earner has filed returns for the last two years and the amount of TDS deducted is Rs 50,000 or more.
The new income tax portal has provided the facility to check by entering the PAN number. In case the return is not filed, the TDS deducted will be twice the existing TDS rate or at the rate of 5%, whichever is higher.
It is to be noted that the new TDS norm does not include TDS on salary income, provident fund payments, lotteries and horse racing.
SBI New Service Charges
SBI has made some major changes in the rules of banking services with effect from July 1, 2021. Under these new rules of SBI, customers can now withdraw money up to four times from ATMs and bank branches without any service charge. Thereafter, each withdrawal from the ATM or branch will attract a service charge. The customer has to pay Rs 15 for each transaction plus GST as service charge on withdrawal from ATM or branch. The same rule will be applicable for withdrawing money from any ATM other than SBI. Apart from this, checkbook will also be charged from July 1.
These new rules of SBI are for customers with Basic Savings Bank Deposit (BSBD) account. BSBD is also called zero balance savings account and the customer is not required to maintain a minimum or maximum balance.
LPG cylinder price hike
Oil companies usually revise the prices of LPG cylinders at the beginning of every month. There is a possibility that the LPG prices may be revised next month. At present, the 14.2 kg LPG cylinder commonly used in our homes costs Rs 809 in Delhi.
According to business standard In the report, ONGC Managing Director and Chairman Subhash Kumar said that for the period from October 2021 to March 2022, natural gas prices are going to increase by 50 to 60 percent.
New IFSC Code and Check Book for Syndicate Bank Customers
If you are using IFSC Code and Check Book of Syndicate Bank, then it is time to note that both will become invalid from July. Syndicate Bank customers have been asked to update the IFSC code of their bank branch by June 30.
According to Canara Bank’s tweet, the current e-Syndicate Bank check book with old MICR and IFSC will be valid till June 30, 2021.
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